Noha Gad

The retail sector in Saudi Arabia is undergoing robust growth, driven by a digitally savvy young population, increasing consumer confidence, and shifting spending habits. According to a report published by the IMARC Group, the size of the e-commerce market in Saudi Arabia is projected to grow to $708.7 billion in 2033, showing a compound annual growth rate (CAGR) of 12.8% from 2025 to 2033. Additionally, experts anticipate that 75% of retail spending will come from Saudi youth by 2035. They also expected the Saudi e-commerce sector to grow significantly, with one in four retail transactions happening online.

The adoption of retail technology (retail tech) stands at the heart of this revolution. Saudi retailers rapidly embrace artificial intelligence (AI) for personalized marketing and demand forecasting, Internet of Things (IoT) solutions for smart inventory management, biometric authentication, mobile wallets, and other seamless payment options.

The retail tech market in Saudi Arabia is expected to achieve revenue of $7.2 billion by 2033, with a CAGR of 32.8% from 2025 to 2033, according to recent figures by the Grand View Horizon.

Digital transformation in the Saudi retail sector

Saudi Arabia is one of the most connected markets in the region, which fuels widespread adoption of digital retail technologies, driven by government initiative under Vision 2030 and evolving consumer expectations. Emerging technologies play a crucial role in revolutionizing the retail industry in Saudi Arabia. Most of the retail tech companies in Saudi Arabia harness AI for predictive analytics, personalized marketing, automated customer service through chatbots, and demand forecasting, ultimately enhancing operational efficiency and creating tailored shopping experiences. Also, IoT technologies are becoming integral, with smart shelves, digital signage, and interactive displays improving real-time inventory management and product visibility. 

Software-as-a-service (SaaS) solutions could support digital sales growth by enabling small and medium enterprises (SMEs) to digitize their operations, manage logistics, and accept online payments. Additionally, the rollout of 5G networks significantly enabled seamless integration of online and offline retail experiences, supporting omnichannel strategies that blend physical and digital interactions for consumers.

Together, these developments are transforming the retail industry in Saudi Arabia into a digitally empowered, consumer-centric ecosystem. 

The rise of B2B marketplaces

Business-to-Business (B2B) marketplaces in Saudi Arabia are rapidly emerging as vital platforms that transform traditional wholesale and procurement ecosystems. This transformation was driven by several factors, notably the integration of credit-scoring and invoice financing modules, the adoption of compliance tools, and the high penetration of mobile wallets.

The Saudi market encompasses key B2B marketplaces, such as Sary, one of the largest online B2B marketplaces for wholesale purchases; Ordo, a pioneering B2B platform focusing on the FMCG market; Lawazem, a one-stop shop for businesses to procure products directly from a network of suppliers; Farmi, a B2B online platform that connects Saudi farmers and SMEs to source and sell local farm products; Retailo, the leading B2B digital distribution company; and BRKZ, the pioneering B2B marketplace for building materials.

The ongoing rise of B2B marketplaces plays a pivotal role in transforming wholesale trade in the Kingdom, fostering increased efficiency, access to broader supplier networks, and enabling a more modern, digitally connected retail supply chain ecosystem.

Successful B2B marketplaces share several features that drive procurement efficiency, enhance buyer-supplier interactions, and support business growth. This includes:

• Leveraging AI and cloud-based technologies to automate sourcing, ordering, invoicing, and fulfillment processes, thereby reducing manual errors and improving order accuracy.
• Integrating with ERP and inventory management systems to enable real-time product availability, dynamic pricing, and personalized catalogues tailored to meet buyers’ needs.
• Embedding credit scoring algorithms to assess buyer creditworthiness instantly.
• Adhering to Saudi data protection and commercial regulations to secure document vaults and digital contract management features.
• Adopting mobile wallets and biometric authentication to enhance payment security and convenience. 

The rise of B2B marketplaces is pivotal to reducing supply chain fragmentation and procurement complexities in the Kingdom, as they streamline fragmented traditional supply chain networks by centralizing their interactions and automating procurement processes.

By enhancing transparency through verified supplier networks, B2B marketplaces mitigate risks associated with dealing with unknown vendors, ensuring product quality and contractual adherence, in addition to boosting confidence among buyers and sellers.

Additionally, B2B platforms incorporate ESG standards by promoting suppliers who follow sustainable practices and prioritize eco-friendly products; meanwhile, digital tools enable assessment of carbon footprints and resource efficiencies within supply chains.

Despite all these benefits, the B2B retail sector in Saudi Arabia still faces fragmented supplier bases characterized by inconsistent service levels and regional disparities. Compliance with evolving regulatory standards, such as data privacy laws and commercial auditing requirements, adds complexity for both platforms and users.

Ongoing investments are essential to sustain growth and scalability. Investments are crucial to upgrading digital infrastructure, including cloud computing, AI, and cybersecurity, ultimately enhancing platform capabilities to support advanced analytics and omnichannel integration. This will improve operational efficiency, reduce downtime, and increase adaptability to future market disruptions.

The future of B2B marketplaces in Saudi Arabia is promising, propelled by accelerating e-commerce growth and supportive government initiatives. This transformation will be triggered by key trends: the continued expansion of B2B marketplaces that convert fragmented wholesale supply chains into streamlined, automated ecosystems; the increasing importance of embedded financial services; enhanced digital payment integration; supply chain and logistics innovations; and the integration of ESG standards and sustainable procurement practices.

Eventually, the Saudi retail sector is at the forefront of a transformative journey fueled by rapid digital adoption and innovative B2B marketplaces. Sophisticated retail tech solutions are reshaping the traditional retail landscape into a dynamic, digitally native ecosystem. By addressing long-standing challenges such as supply chain fragmentation, compliance, and payment inefficiencies, digital transformation and modern B2B platforms are enhancing transparency, trust, and operational agility. 

Ghada Ismail

Among the countless metrics startups track, few reveal as much about real customer sentiment as the Net Promoter Score (NPS). Unlike vanity metrics such as downloads, sign-ups, or even short-term revenue spikes, NPS goes deeper as it measures trust, satisfaction, and advocacy.

For early-stage founders, that distinction matters. You can buy installs or clicks, but you can’t buy genuine loyalty. NPS tells you whether customers are simply using your product or genuinely believing in it. It shows if your startup is building transactional relationships or further creating a community of promoters who will spread the word for free.

At its core, NPS helps answer a fundamental startup question: “Do people care enough about what we’re building to tell others about it?” The answer can shape everything from product decisions and customer experience to your long-term growth strategy.

How NPS Works

The Net Promoter Score is based on a simple question:

“On a scale of 0 to 10, how likely are you to recommend our product or service to a friend or colleague?”

Responses are divided into three categories:

• Promoters (9–10): Loyal fans who love your product and actively recommend it.
• Passives (7–8): Satisfied customers, but not passionate enough to promote it.
• Detractors (0–6): Unhappy users who are more likely to churn or leave negative feedback.

Your NPS is the percentage of promoters minus the percentage of detractors. Scores range from –100 to +100. Anything above 0 means more love than hate, and +50 or higher is considered excellent.

Why NPS Matters for Startups

For startups, every customer interaction counts. You don’t have the luxury of a massive brand reputation, where your users are your reputation. That’s why NPS is so valuable: it gives you an early pulse on customer satisfaction and helps you understand whether your product is delivering real value.

Here’s why it matters:

• Validates Product-Market Fit: A consistently low NPS might mean your product isn’t resonating deeply enough, even if usage looks good on paper.
• Guides Improvement: Feedback from detractors points directly to what’s breaking or frustrating users.
• Builds Investor Confidence: A strong NPS signals a loyal customer base, something investors see as a sign of growth stability.
• Drives Organic Growth: Promoters become advocates. In early stages, word-of-mouth marketing can make or break a startup.

When to Start Measuring NPS

The best time to start is as early as possible, even with just a few dozen users. Early NPS surveys can uncover insights that analytics tools can’t.

Ask yourself:

• Are customers finding real value in what we offer?
• What’s stopping them from recommending us?
• Are we creating promoters or passive users?

By tracking NPS early, startups can spot issues before they scale and ensure they’re building loyalty alongside growth.

How to Use NPS Effectively

To get the most out of NPS, make it part of your product’s rhythm, not just an occasional survey.

Here’s how:

• Time it right: Send the NPS survey after meaningful interactions, completing onboarding, using a key feature, or receiving customer support.
• Ask a follow-up question: “What’s the main reason for your score?” The qualitative feedback is often more valuable than the number itself.
• Act quickly: Reach out to detractors, thank promoters, and turn feedback into action.
• Monitor trends: The direction of your NPS over time matters more than a single snapshot.

What’s a Good NPS for a Startup?

There’s no universal benchmark, but here’s a rough guide:

• Above 0: You’re moving in the right direction.
• Above 30: Customers are happy and loyal.
• Above 50: Your product inspires genuine advocacy.

Remember that context matters. A young startup in a competitive market may score lower initially, but a steadily improving NPS indicates strong product and customer experience growth.

Turning NPS into a Growth Engine

NPS isn’t just a feedback tool; it’s a growth signal. When you consistently measure how customers feel and act on their input, you build a brand that listens, adapts, and earns loyalty. Over time, those promoters become your most powerful marketing channel.

In a world where attention is expensive and trust is rare, NPS helps startups focus on what truly drives retention and referrals: happy customers who believe in your mission.

Because in the end, your most valuable growth strategy isn’t ads, funnels, or virality, it’s a product people love enough to talk about.

Noha Gad

In today’s dynamic global economy, startups and innovative businesses play a pivotal role in driving growth, job creation, and technological advancement. This vibrant startup environment thrives on agility, disruption, and the continuous pursuit of novel solutions. Parallel to this evolution is the rise of the gig economy, a labor market characterized by short-term, freelance, and project-based work enabled by digital platforms. 

The gig economy complements the startup and business ecosystem by offering flexible income opportunities and fostering entrepreneurial activity. The concept of gig work roots stretching back centuries to early human societies, where task-based labor was the norm.

The digital revolution in the late 20^th century transformed gig work by enabling online platforms to connect freelancers with clients globally, facilitating a wide range of short-term, project-based, and freelance work across industries, including ride-sharing, food delivery, high-skilled remote consulting, digital marketing, IT development, and healthcare services.

How does the gig economy work?

This economy operates on a fundamentally different business model from traditional employment, centered around flexibility, technology platforms, and task-based work. Gig workers typically take on short-term assignments, freelance projects, or on-demand jobs often sourced and managed via digital platforms, which act as intermediaries, connecting businesses or individuals needing services with independent contractors worldwide.

One of the key features of the gig economy is that it leverages AI-powered algorithms to match gig workers with assignments based on skills, location, and availability, optimizing efficiency for both parties. Companies can access diverse, scalable talent pools across geographies, benefiting from on-demand expertise without long-term commitments.

Additionally, many businesses integrate gig workers alongside traditional full-time staff, using gig labor to manage peak workloads or specialized tasks. Overall, the gig economy functions as an agile, technology-enabled labor market providing flexible opportunities for workers and cost-effective, scalable solutions for businesses, significantly reshaping the future of work.

Pros and Cons

The gig economy offers diverse benefits for both workers and businesses in today’s growing labor market. For workers, it provides:

-Flexibility and autonomy. It allows workers to choose when, where, and how much they work, enabling a better work-life balance.

-Diverse income opportunities. It paves the way for multiple income streams across various industries, including emerging fields like IT, finance, healthcare, and digital marketing.

-Skill development. By working on varied projects, freelancers can gain experience and build specialized skills and entrepreneurial capabilities.

Additionally, the gig economy helps businesses to:

-Reduce costs by saving on traditional employment expenses such as benefits, office space, onboarding, and long-term commitments.

-Expand teams. Startups can quickly scale teams up or down to meet demand and seize new opportunities without the rigid overhead of full-time staff. 

-Access specialized talent: the gig platform offers access to a global, diverse pool of flexible, highly skilled professionals, allowing startups to fill specific skill gaps.

-Bolster innovation and productivity. Flexible schedules for gig workers would help startups foster creativity and maintain productivity across different time zones.

Although gig economy jobs offer flexibility and independence, they also come with challenges, such as the lack of employee benefits, navigating taxes, securing health insurance, dealing with income fluctuations, and the lack of a workplace community.

How does the gig economy support startups?

The gig economy plays a pivotal role in reshaping entrepreneurship and business operations worldwide. Researches show that individuals participating in the gig economy are about twice as likely to start their own businesses compared to non-gig workers. This trend is most prominent among first-time entrepreneurs, younger workers, and those seeking flexible opportunities.

For many workers, gig work provides a low-risk environment to gain industry experience, test business ideas, and build capital before founding a startup, enabling experimentation, learning on the job, and gradual business development without the pressures of traditional employment.

In turn, the gig economy offers startups a scalable, cost-effective access to talent as they can flexibly engage freelance experts for specialized projects such as software development, creative design, and marketing campaigns without the overhead of full-time hires. This agility helps startups innovate rapidly, manage fluctuating workloads, and control expenses.

Thus, the gig economy offers a fertile ground for entrepreneurial talent and serves as a strategic resource for startups, creating a dynamic ecosystem fueling innovation and economic growth.

Future outlook

The gig economy is expected to witness a remarkable growth within the next five years, driven by technological advancement, regulatory changes, and shifting cultural attitudes toward work. This shift will require gig workers to continuously upskill, with personalized and AI-powered training platforms becoming essential for maintaining competitiveness.

Finally, the gig economy is a defining feature of the future of work, offering unprecedented flexibility, entrepreneurial potential, and access to global talent. understanding and strategically engaging with the gig economy will be essential for businesses, startups, and workers alike to thrive in this rapidly changing economic landscape.

Kholoud Hussein

As Saudi Arabia’s fintech sector accelerates, the region’s funding scene is changing fast. Founders are increasingly turning to growth debt—minimally dilutive capital that fuels expansion while preserving ownership. 

In this interview, Armineh Baghoomian, Managing Director, Head of EMEA, and Co-Head of Global Fintech at Partners for Growth (PFG), shares her perspective on how growth debt is transforming the GCC’s startup landscape, why Saudi Arabia is emerging as a key market, and how smarter financing models are empowering founders to scale with confidence.

In today’s uncertain macroeconomic and political climate, why are we seeing more GCC founders and investors – particularly in capital-intensive sectors like fintech – turning to growth debt as an alternative to equity? How do you think this trend will reshape the region’s funding landscape?

Founders and investors in the GCC are taking a more strategic view of capital structure. While venture equity continues to mature, there’s growing recognition that growth debt plays a complementary role – especially in capital-intensive sectors like fintech, where businesses need to scale quickly and efficiently.

There is growing recognition that a diversified funding ecosystem – where equity and debt complement each other – creates economic resilience and safeguards the future of innovation, aligning neatly with national diversification agendas. Growth debt plays a critical role in this mix.

Across the region, founders and investors increasingly appreciate that debt, when paired with disciplined governance and strong unit economics, can accelerate a company’s growth journey. Growth debt can be used to finance working capital, customer acquisition, or infrastructure build-out with minimum equity dilution – with benefits for all parties in the deal.

Over time, the rise of growth debt will reshape the regional funding landscape by broadening the capital toolkit available to founders. We’ll see more blended capital stacks, more nuanced conversations around risk allocation, and a more mature ecosystem overall. In many ways, the GCC is well positioned to leapfrog traditional financing trajectories, moving quickly toward a model where equity and growth debt sit side-by-side to fuel innovation and growth.

Saudi Arabia is quickly positioning itself as a leading fintech hub in the Middle East. From your perspective, what opportunities and challenges stand out for credit partners like PFG in supporting transformative companies in the Kingdom?

Saudi Arabia’s fintech evolution is among the most dynamic globally. With the ambitious Vision 2030 strategy creating the regulatory framework for digital transformation, the Kingdom is laying the groundwork for a truly world-class fintech ecosystem. For credit partners, this moment presents compelling opportunities.

In Saudi Arabia, we’re seeing a powerful convergence between a young, digitally native population, a government that is not only supportive but actively accelerating financial innovation, and a resultant flow of capital into sectors that are capital-intensive and highly scalable. This combination creates fertile ground for transformative fintech businesses – whether operating in payments, digital lending, or infrastructure – that can grow rapidly and have meaningful regional impact. For PFG, the ability to deploy growth capital into these businesses means we can help founders scale confidently without compromising long-term ownership or vision.

Fintech is inherently a heavily regulated industry, and in a market that is evolving as quickly as Saudi Arabia’s, these frameworks are still maturing. That means lenders must be thoughtful in underwriting risk, ensuring that business models are both sustainable and aligned with long-term policy goals. Additionally, because many Saudi fintechs are scaling for the first time in a market of this magnitude, there is a heightened need for governance, financial discipline, and strategic capital structuring.

For PFG, the opportunity lies in being more than just a capital provider. Rather, we are a long-term partner to visionary founders – helping them balance growth with sustainability and navigate the complexities of a rapidly changing market.

Growth debt often sparks debate about risk, especially when applied to ambitious startups seeking rapid scale. How does PFG approach balancing its support for founders’ growth ambitions with the need to maintain financial resilience and risk management across your portfolio?

We see growth debt as a strategic partner to equity. Our role is to structure capital in a way that empowers founders to pursue growth without jeopardizing the resilience of their businesses.

We look closely at companies’ fundamentals – strong unit economics, predictable revenue models, and clear visibility on cash flows. We believe in the founders we invest in and work alongside them to structure flexibility into facilities. This is particularly important in the GCC, where markets are evolving rapidly.

Fundamentally, we think about portfolio resilience in terms of partnership. At PFG, growth debt is not transactional; it is relational. By aligning with management teams who share our commitment to discipline and transparency, we’re able to provide capital that supports expansion while safeguarding the interests of both our portfolio companies and our investors.

In the GCC, this balanced approach is especially powerful: it allows founders to scale with confidence – building businesses that are durable as well as ambitious. As the region’s funding landscape continues to mature, founders will increasingly appreciate that growth debt, when structured responsibly, can be a catalyst for sustainable growth.

Given that you co-lead PFG’s global fintech and asset-backed credit strategy across multiple regions, how does the Middle East compare to Europe and Africa in terms of fintech maturity and appetite for non-dilutive financing?

What stands out most is how quickly the region, especially the GCC, is maturing. The combination of ambitious government agendas, a young, tech-savvy population, and evolving regulatory frameworks is accelerating fintech adoption at a pace we don’t see elsewhere.

At the same time, founders and investors in the region are increasingly sophisticated in their approach to capital. There is a healthy appetite for non-dilutive financing to work alongside equity in powering innovative, tech-driven companies.

Founders are eager to embrace global best practices, but they are also charting their own course – building businesses with high growth potential and strong institutional support, making it easier to scale. For PFG, this all means the GCC represents both a fast-growing and increasingly sophisticated market.

We're at an inflection point: the GCC is rapidly moving toward the maturity of Europe, but with the entrepreneurial energy and growth trajectory that, in many ways, resembles Africa’s leapfrogging story. That combination makes it one of the most exciting geographies for us to support with flexible, non-dilutive capital.

Without revealing sensitive details, could you share an example or two where PFG’s structured credit solutions enabled a company to scale effectively while preserving equity? What lessons from those experiences might resonate most with GCC founders?

Perhaps the most well-known example is Tabby, the Middle East’s leading provider of Buy Now, Pay Later (BNPL) solutions. We were confident from the outset that Tabby would become the regional powerhouse it is today. They had the vision, they had the ambition – but to achieve scale, Tabby needed the right kind of capital. That’s where PFG came in.

Specifically, Tabby needed a bespoke financing structure that would allow the company to scale its business in a complex market. By leveraging Tabby’s high-quality receivables, PFG enabled the company to accelerate its merchant network expansion and introduce new product offerings.

The impact was clear. Tabby experienced 900% quarter-over-quarter growth in FY2022 and raised over US$70 million in funding, boosting its valuation by a meaningful multiple and cementing its status as one of the GCC’s most valuable startups.

For GCC founders, the most relevant lesson from our deals in the region is the value of balance: scaling aggressively while preserving control. Similarly, it reinforces the importance of matching the right kind of capital to the right stage of growth, rather than defaulting to equity. In a region where many businesses are founder-led and highly conscious of dilution, this approach resonates strongly. It’s all about building sustainably, retaining control, and maximizing long-term value creation.

Looking ahead, as Saudi Arabia and the wider GCC pursue diversification under Vision 2030 and other regional strategies, how do you see the role of non-dilutive financing evolving? And what role do you expect PFG to play in shaping that future?

As GCC economies continue to diversify, entire sectors – from fintech and healthtech to logistics and proptech – are scaling at a pace we haven’t seen before. With that scale comes the need for more sophisticated capital solutions. Private debt will play an increasingly central role, not as a substitute for equity but as a strategic complement to it.

What’s unique about the GCC is that this is all happening in real time. Governments are laying down the infrastructure, investors are increasingly sophisticated, and founders are embracing global best practices. Growth debt, as a form of non-dilutive financing, enhances this trajectory by offering flexibility, disciplined growth, and helping to create businesses built for the long-term, not just the next funding round.

PFG’s role is twofold. First, to bring our global experience – having supported high-growth companies across other global regions for over 20 years – and adapt that expertise to the GCC’s unique dynamics. Second, to act as true partners to founders: structuring credit that supports ambition while instilling the financial resilience that will define the region’s most successful companies.

We will continue to support ambitious founders and help to shape a more mature, balanced funding ecosystem that underpins Vision 2030 and wider regional economic diversification goals.

Noha Gad

Emerging technologies, particularly artificial intelligence (AI), significantly transform the healthcare sector globally by improving diagnostics, treatment precision, patient monitoring, and healthcare delivery. Saudi Arabia is one of the leading countries that harnesses these technologies to modernize its healthcare system and increase accessibility. 

The Kingdom invests heavily in digital healthcare to improve efficiency and patient outcomes, potentially unlocking as much as $27 billion by 2030. This includes advancements in telemedicine, electronic health records, and other digital health technologies.

The Saudi Vision 2030 emphasizes the importance of privatization and Public-Private Partnerships (PPPs) in driving healthcare transformation. By fostering collaboration, these approaches contribute to achieving the digital health goals outlined in Saudi Arabia's ambitious vision for the future.

The Saudi healthcare sector is witnessing unprecedented privatization, with over 290 hospitals and 2,300 health institutions transitioning into private operations. By 2030, private sector involvement is expected to grow from 25% to 35%, unlocking fresh capital inflows and efficiency improvements, according to recent insights into the Saudi healthcare market by Eurogroup Consulting.

Digital transformation continues to accelerate in Saudi Arabia, with $1.5 billion invested in telemedicine, AI-driven diagnostics, and electronic health records (EHR). These innovations are reshaping healthcare accessibility, allowing remote consultations to flourish and minimizing hospital congestion. AI-powered automation also optimizes treatment plans, improving patient outcomes and reducing administrative burdens. 

Additionally, the mental health market in the Kingdom is undergoing a remarkable transformation, triggered by a mix of government reforms, social awareness, and growing private investment. According to Eurogroup Consulting, the mental health market in Saudi Arabia is projected to reach $8.9 billion by 2033, with a compound annual growth rate (CAGR) of 5.23% from 2025 to 2033. This growth reflects a broader shift in the Kingdom’s healthcare priorities, where mental wellness is increasingly seen as fundamental to social stability and productivity.

Telemedicine innovations in Saudi Arabia

Telemedicine emerged as a vital component in transforming healthcare delivery across Saudi Arabia, enabling patients to access medical care remotely through digital platforms. This technology breaks down geographical barriers, bringing expert consultations and continuous care to rural and underserved regions, which traditionally struggled with limited healthcare infrastructure.

The COVID-19 pandemic accelerated telemedicine adoption by mandating remote care solutions to reduce infection risks while maintaining healthcare access. This surge highlighted telemedicine’s potential to alleviate hospital overcrowding, enhance patient convenience, and reduce healthcare costs.

A recent report released by Ken Research showed that the Saudi telemedicine market is valued at $1.2 billion, driven by the increasing adoption of digital health solutions, rising healthcare costs, and the need for accessible medical services, especially in remote areas. It highlighted that Riyadh, Jeddah, and Dammam dominate the telemedicine market due to their advanced healthcare infrastructure, high population density, and significant investment in health technology. 

Another report by Grand View Horizon anticipated the telemedicine market in the Kingdom to reach a projected revenue of $ 2.3 million by 2030, showing a CAGR of 18.4% between 2025 to 2030.

AI-driven telemedicine platforms in Saudi Arabia integrate AI into telehealth to enable proactive health management, optimize clinical workflows, and support early disease detection. Seha Virtual Hospital, launched by the Ministry of Health (MoH) as part of the Health Sector Transformation Program (HSTP), is a notable example. Being the first virtual hospital in the Middle East, Seha offers a full spectrum of telehealth services, including emergency and critical consultations, specialized clinics, multidisciplinary committees, supportive medical services, and home care services, empowering the best health consultants and practitioners in micro and rare specialties using the latest medical technologies.

Another example is Sanar, an MoH-licensed medical platform that offers comprehensive medical services including telemedicine consultations and home medical services. Other key players in the Saudi telemedicine sector include Cura, Vezeeta, MedIQ, Altibbi, Labayh, and more.

Overall, telemedicine innovations in Saudi Arabia focus on combining AI capabilities with digital platforms to offer accessible, efficient, and patient-centric healthcare, ultimately cementing the Kingdom’s position as a regional leader in AI-powered telemedicine and digital health solutions.

AI-driven diagnostics

In recent years, AI has redefined various sectors, notably healthcare. One of the most promising applications of AI is in diagnostics, where it enhances the accuracy and speed of identifying health conditions. In Saudi Arabia, AI diagnostics contribute to advancing the medical field, becoming a cornerstone of Vision 2030’s goals of diversifying the economy and improving public well-being through high-tech healthcare solutions.

With Saudi Arabia pledging massive investments in AI to improve its healthcare services, the AI diagnostics market in the Kingdom is projected to reach $204.9 million by 2030, marking a CAGR of 36.5%.

A recent study by Research and Markets indicated a favorable view of AI in healthcare among respondents in Saudi Arabia, with many disagreeing that AI diminishes the value of the medical profession. Half of the respondents either agreed or strongly agreed that AI contributes to reducing errors in medical practice.   

AI diagnostics analyze medical data more consistently and accurately to address human errors in diagnosis, which may lead to misdiagnosis, delayed treatment, or even unnecessary procedures. 

AI systems can operate tirelessly and remain unaffected by fatigue or cognitive biases, which can affect even the most skilled healthcare professionals.

AI and robotics are expected to contribute over $135 billion to the national economy by 2030. AI diagnostics are vital to this transformation, aligning with the Kingdom’s strategic goals to diversify away from oil dependence and develop knowledge-based industries. 

Although AI diagnostics offers many advantages, they come with several challenges. One of the major challenges is that implementing these technologies requires substantial investments in infrastructure, including high-performance computing systems and secure data networks.

Specialized training is also required to help health care professionals work effectively alongside AI systems, while patients and providers alike must adapt to this new approach to medical care. 

Key players in the AI diagnostics sector in Saudi Arabia include SDM, a health tech startup specializing in AI-driven diagnostics for various and chronic diseases, and Nuxera AI, a Saudi-headquartered AI company that empowers doctors and healthcare providers by streamlining workflows, reducing administrative burdens, and enhancing patient care.  Another example is the Amplify AI company, which integrates AI into thermal imaging to enable fast, accessible, and objective diabetic foot screening. 

Mental health solutions and digital well-being tools

The Saudi mental health market is witnessing a remarkable transformation, driven by a mix of government reforms, social awareness, and growing private investment. With mental health services being considered as a vital part of national well-being, the market is anticipated to hit $8.9 billion by 2033, showing a CAGR of 5.23% from 2025 to 2033. This growth reflects the shift in the Saudi healthcare priorities, where mental wellness is increasingly seen as fundamental to social stability and productivity.

The Saudi government made significant reforms to drive this transformation and modernize the healthcare sector by integrating mental health into primary care systems, ensuring accessibility and reducing stigma. This approach promoted new regulations, awareness campaigns, and funding programs aimed at promoting mental well-being as part of the country’s holistic health agenda.

The MoH launched the ‘Innovate for your health’ initiative, in partnership with the Digital Government Authority, to raise community awareness about the importance of mental health and to improve the quality of life among youth and society as a whole.

Additionally, digital well-being tools, such as applications and interactive platforms, were designed to monitor and improve mental health by reducing digital addiction and associated risks such as anxiety and loneliness.

O7 Therapy is another notable example of mental health platforms in Saudi Arabia. it offers a network of over 180 qualified Arabic-speaking therapists, benefitting people across 110 countries. Since its inception, the platform has provided more than 60,000 therapy hours. It helps users to find the right therapist whose approach aligns with the user’s needs and preferences.

In conclusion, Saudi Arabia’s healthcare sector is witnessing a significant transformation, backed by emerging technologies and strategic reforms under Vision 2030. The Kingdom’s heavy investments in AI, telemedicine, and digital health platforms are revolutionizing healthcare delivery by enhancing diagnostics, improving treatment precision, enabling remote access, and optimizing patient outcomes. Privatization and PPPs are pivotal in this transformation, attracting fresh capital and fostering innovation that aligns with the Kingdom’s goal of becoming a regional leader in advanced healthcare. 

Ghada Ismail

For many startups, landing a corporate client feels like a milestone. That moment when you go from scrappy beginnings to playing in the big leagues. It’s a sign that your idea works, your team delivers, and your brand is ready to stand alongside the giants.

But selling to corporates isn’t easy. It’s not just about having the best product or a breakthrough solution. It’s about trust, timing, and understanding how big organizations make decisions; slowly, carefully, and through layers of approval.

So, how do you step into this whole new level?

1. Understand the Corporate Mindset

Startups move fast, break things, and learn on the go while corporates don’t. They move through committees, compliance checks, and procurement gates. It’s not resistance to innovation; it’s rather risk management.

If you understand that, you’ll pitch differently. Corporates aren’t just buying creativity; they’re buying reliability. They want to know that working with you won’t introduce risk but instead remove it.

Show them how your solution makes their life easier: maybe it improves efficiency, reduces cost, or helps meet a strategic goal. Speak to what they value most.

2. Build Credibility Before You Pitch

Corporates rarely gamble on unproven startups. Before you knock on their door, make sure your reputation walks in first.

Collect small wins like pilot projects, testimonials, measurable results. Publish case studies that show your solution actually works in the real world. Even a few solid success stories can shift you from “risky startup” to “reliable partner.”

3. Start Small..Think Pilot Projects

When it comes to big clients, it’s often smarter to start small. A well-scoped pilot project is your best entry point.

It lets the corporate test your solution without major commitment and gives you a chance to prove value quickly. More importantly, it helps you find internal champions; people inside the company who’ve seen your results firsthand and can advocate for expanding your partnership.

4. Speak Their Language

Tech founders love talking about innovation, features, and performance. Corporates care about outcomes; efficiency, compliance, and return on investment.

Reframe your pitch around results. Instead of saying, “We use AI to automate processes,” say, “We cut processing time by 40%.”

Numbers and business impact speak louder than buzzwords. Keep it simple, clear, and outcome-driven.

5. Leverage the Right Platforms

You don’t have to break into corporates alone. Many are actively looking for startups to collaborate with — through innovation programs, accelerators, and ecosystem partnerships.

Government initiatives and national programs are designed to connect startups with large organizations. They give you access to mentorship, exposure, and opportunities to co-develop solutions that align with corporate needs.

These platforms not only open doors but also lend credibility proving that your startup is part of an ecosystem corporates already trust.

6. Build Relationships, Not Just Deals

Corporate sales are rarely quick wins. They’re marathons, not sprints. Deals take months, sometimes longer. But the wait pays off when it’s built on genuine relationships.

Don’t disappear between meetings. Keep in touch. Share updates about your growth, your new features, your latest achievements. Stay visible without being pushy.

Over time, these touchpoints build familiarity, and familiarity builds trust. When the timing is right, you won’t be a stranger pitching a product; you’ll be a known, credible partner.

7. Play the Long Game

Selling to corporates takes patience. There will be delays, revisions, and more paperwork than you ever thought possible. But once you’re in, the rewards are worth it: steady revenue, stronger credibility, and access to larger markets.

Every corporate deal you close becomes a signal to others that you can deliver at scale. It’s not just a contract; it’s a stepping stone to the next opportunity.

Wrapping Things Up…

Breaking into the corporate world isn’t about being the loudest startup in the room; it’s about being the most dependable, adaptable, and value-driven.

If you can combine startup agility with corporate reliability, you won’t just sell to big companies; you’ll grow with them. And that’s how small innovators become big players.

Noha Gad

The global digital payments landscape is witnessing a remarkable transformation in recent years, revolutionizing the way consumers and businesses transact. Recent reports by Statista anticipated the total transaction value in the digital payments market to hit $38.07 trillion by 2030, with a CAGR of 13.6% between 2025 and 2030. Mobile Point-of-Sale (PoS) payments, which represent the largest share in the digital payments market, are projected to achieve a total transaction value of $12.56 trillion in 2025.

The transformation in the digital payment market mirrors the growing preference for faster, frictionless payment methods, supported by innovations in AI for fraud detection and the integration of payment technologies into everyday life. 

Within this transformative digital payment environment, invisible payments emerged as the next significant leap, allowing purchases to be billed automatically based on user behavior or context. 

What are invisible payments?

Invisible payments refer to transactions that happen seamlessly in the background, without requiring consumers to physically interact with a payment terminal or even consciously initiate the payment. They are designed to eliminate the traditional manual steps involved in making payments, such as clicking, entering card details, or scanning QR codes, leveraging emerging technologies, such as the Internet of Things (IoT) sensors, AI, biometrics, and pre-registered payment accounts.

These payments offer consumers a frictionless experience, enabling them to enjoy services or purchase products without explicit payment actions at the point of sale (PoS).

How do invisible payments work?

Invisible payments are enabled through cutting-edge technology that links the user's payment method with specific triggers, such as location, biometric authentication, or device sensors. This swift process includes: 

• Setup and registration. Consumers register their payment details once, often during account creation on the service platform or application.
• Contextual triggers. Once set up, the system activates based on contextual cues such as entering a store, picking items, or starting a ride. Then, sensors, cameras, and IoT devices detect user actions or presence, while AI algorithms analyze this data in real time.
• Authentication methods. Biometric authentication or device-based authentication is often used to confirm the user’s identity with high confidence.
• Automatic billing. The system automatically processes the payment in the background, charging the user's pre-registered account without any further manual input.​
• Confirmation and sending receipts. A digital receipt is sent post-transaction, providing transparency while maintaining the seamless experience

Benefits of invisible payments

Invisible payments offer several benefits for both consumers and businesses, ultimately enhancing the payment experience through seamless technology integration. For consumers, invisible payments offer:

-Convenience and speed. By eliminating manual entry of payment details and physical actions, invisible payments allow consumers to pay effortlessly, speeding up checkouts in retail, ride-sharing, and online shopping environments.

-Enhanced customer experience. This type of payment enables customers to enjoy a hassle-free shopping experience.

-Improved security. Invisible payments safeguard transactions and minimize errors and fraud risks by leveraging biometrics, encryption, tokenization, and automated fraud detection.

For businesses, invisible payments offer:

-Faster payments and improved cash flow. These payments enable businesses to receive funds quickly and manage cash flow more effectively.

-Enhanced operational efficiency. Automation reduces the manual workload around payment processing and invoicing, saving time and resources.​

-Robust relationships with suppliers. Faster and accurate payments strengthen trust and partnerships with suppliers.

By integrating with IoT devices, mobile applications, and wearables, invisible payments are expected to expand their reach, enabling innovations beyond subscriptions or retail checkout. This transformation will significantly redefine the way consumers interact with commerce in everyday life, making payments a fully automated and invisible part of the experience.

Technological advancements will play a crucial role in shaping the future of invisible payments. For instance, AI-powered payment orchestration will optimize authorization in real-time, enhancing approval rates and reducing friction during checkout, while biometric authentication, such as facial recognition and fingerprints, will replace passwords and PINs, offering faster, safer payments.

Finally, invisible payments are anticipated to support a borderless financial ecosystem, making cross-border transactions as seamless as domestic ones, backed by the rise of Central Bank Digital Currencies (CBDCs) and regulatory advancements.

Manish Pant, Executive Vice President of International Operations at Schneider Electric

Manish Pant, Executive Vice President of International Operations at Schneider Electric, affirmed in exclusive statements to Sharikat Mubasher that the company’s global presence spans more than 100 countries and includes a workforce of approximately 150,000 employees. He stated that Schneider Electric’s mission is to create a positive impact by empowering individuals and organizations to achieve the optimum use of energy and resources, linking economic growth with sustainability.

Pant revealed that the company’s global revenues reached €19.3 billion during the first half of this year, adding that Schneider Electric allocates around 5% of its annual revenues to research and development to strengthen its innovation capabilities and ensure the sustainability of its solutions.

He emphasized that the Saudi market has been one of the company’s key strategic markets for over 44 years, noting that the Kingdom is taking confident strides toward a more sustainable future through resource diversification, accelerated digital transformation, and adoption of cutting-edge technologies. Pant highlighted that Saudi Arabia aims to generate 50% of its electricity needs from renewable sources by 2030 as part of the Saudi Green Initiative, alongside major investments in carbon emission reduction, energy efficiency, afforestation, and smart cities — all of which are reshaping the Kingdom’s energy landscape to become more flexible and efficient.

Pant remarked that Schneider Electric is proud to be a strategic partner of the Kingdom on this journey, providing advanced digital services, AI-powered data centers, smart building systems, and climate-friendly industrial solutions that reduce emissions and enhance resource efficiency, enabling industries, cities, and households to achieve higher levels of sustainability.

He also revealed ambitious expansion plans for the company in Saudi Arabia, which currently serves more than 8,000 clients through a range of assets and industrial facilities. These include the Dammam factory spanning 15,000 square meters, a preparation facility in Dammam, the Riyadh factory covering 13,450 square meters, and another preparation facility in Riyadh. The company will also open a new factory at King Salman Energy Park (SPARK), covering 20,000 square meters, scheduled for inauguration in the coming period to serve both Saudi Arabia and the wider Gulf region.

Pant noted that the new factory has obtained the LEED (Leadership in Energy and Environmental Design) certification, achieving a 34% reduction in carbon emissions and energy savings of up to 33%.

He further stated that Schneider Electric operates a 7,000-square-meter distribution center in Riyadh serving more than 200 local partners, as well as a research, development, and innovation center in Dhahran Techno Valley (DTV) in collaboration with Aramco. The company also has four legal entities in the Kingdom, with a localization rate exceeding 40%, and a regional training academy for the Middle East and Africa based in Riyadh.

Pant added that Schneider Electric has invested more than €50 million in its expansion plans in Saudi Arabia over the past five years and currently employs 700 people in the Kingdom. He highlighted that eight new products have recently earned the “Made in Saudi” mark, bringing the total number of locally manufactured products to over 20, with plans to increase production lines to 32 by 2030. The company also aims to export up to 20% of local production to regional markets, reinforcing Saudi Arabia’s position as a central industrial hub.

Regarding the Schneider Electric Innovation Summit, held recently in Riyadh in its second edition, Pant said the event serves as a leading platform to showcase the latest solutions in electric mobility, resilient infrastructure, smart buildings, advanced industries, and water resources management. He noted that hosting the summit again in Riyadh reflects the Kingdom’s leadership in energy transition, digital innovation, and sustainable development.

Pant added that the summit highlights innovation and digitalization as key drivers of Saudi Arabia’s goals for economic diversification, industrial growth, and global competitiveness. He concluded by affirming that technology and innovation are two core pillars of Schneider Electric’s strategy in Saudi Arabia and globally. Integrating AI- and IoT-based digital solutions, he said, enables the Kingdom to build more efficient and sustainable systems across cities, industries, and homes alike. Pant noted that the company’s achievements in Saudi Arabia have strengthened its standing as one of the world’s most globally integrated yet locally rooted companies. Saudi experiences, he added, contribute to developing globally scalable solutions and position the Kingdom as a role model to follow for innovation and sustainability.

Kholoud Hussein

As Saudi Arabia accelerates its journey toward Vision 2030, fintech innovation has emerged as a critical driver in reshaping access to capital, democratizing investment, and strengthening the Kingdom’s financial sector. With sukuk issuance reaching record levels and digital platforms reducing barriers for both corporates and individual investors, the ecosystem for Islamic finance is undergoing a profound transformation.

Within this evolving landscape, Tarmeez Capital has positioned itself as a frontrunner. Licensed by the Capital Market Authority and founded in 2022, the Saudi fintech is redefining how businesses—from large corporates to SMEs—secure financing. By leveraging technology to issue sukuk faster, more transparently, and in full compliance with Shariah principles, Tarmeez Capital bridges a critical gap in the Kingdom’s corporate debt market.

In this exclusive interview with Sharikat Mubasher, Nasser Al-Saadoun, Founder and CEO of Tarmeez Capital, sheds light on its business model, the impact it is making on companies and investors, and its role in enabling Saudi Arabia’s ambition to become a global hub for Islamic and sustainable finance.

Please can you give us an overview of Tarmeez Capital. What is your business model, and when was it founded? 

We are a Saudi-based fintech company licensed by the Capital Market Authority (CMA), reshaping access to finance in Saudi Arabia through fast, inclusive, and fully Shariah-compliant solutions. We founded Tarmeez Capital in 2022 with a clear purpose: to close the financing gap facing many businesses by connecting growing companies with the capital they need to thrive. We issue sukuk to fund enterprises across the Kingdom and operate a pioneering, people-first digital platform that seamlessly enables purpose-driven investors to participate in these issuances. 

Our technology enables sukuk issuance up to seven times faster than traditional channels, allowing companies to secure funding in as little as 10 days with repayment terms up to 10 years. We have facilitated over SAR 2 billion in lending programs, achieved a 459 percent increase in sukuk issuances over the last 15 months, and built a community of over 180,000 retail and institutional investors.

Which type of companies does Tarmeez Capital provide Islamic financing to? How do you select your portfolio to lend to? 

Tarmeez Capital supports companies across sectors, from established corporates like Red Bull Mobile and Red Sea International to SMEs. Our portfolio selection is guided by rigorous credit screening powered by AI-driven data analytics, our Shariah committee’s oversight, and a focus on businesses that contribute to Vision 2030 goals. We have a zero percent default rate, reflecting our robust due diligence and the quality of our portfolio.

What are the benefits for your users (companies seeking financing & institutional investors)? 

Traditional sukuk issuance often takes months and is limited to large corporations. With Tarmeez Capital, companies of all sizes can receive tailored, fast, and ethical capital - allowing them to seize growth opportunities. This year, Red Sea International, for example, used our sukuk offering to avoid costly project delays with rapid funding that kept engineers and factory teams on schedule. 

Through our digital platform, our investor community can gain access to transparent, Shariah-compliant returns of around 13.5 percent annually, compared to 7.3 percent for real estate and 8.5 percent for stocks. Our real-time digital dashboards and low minimum investments enable anyone to support transformative projects with ethical impact.

How does Tarmeez Capital position itself within Saudi Arabia’s rapidly evolving corporate debt landscape, especially under Vision 2030?

We bridge a critical gap by digitizing sukuk issuance for companies of different sizes. There is a clear demand in the Kingdom for fast, digital, and value-driven funding. Our seamless digital process positions us perfectly amongst Saudi Arabia, tech-savvy population. We focus on advancing funding for sectors such as healthcare, logistics, and education, etc.– all of which are aligned with Vision 2030. Our business model also supports SMEs, which are projected to contribute 35 percent of total GDP by 2030.  

What role do fintechs such as Tarmeez Capital play in broadening access to capital markets and investment opportunities? 

Fintechs like Tarmeez Capital make Shariah-compliant finance accessible to more Saudi businesses and individual investors alike. Our digital investment platform has been built to reduce the cost, complexity, and friction traditionally associated with debt capital markets. Our focus on creating a streamlined, user-friendly experience has contributed to the impressive growth of our investor community to date, a trend that we anticipate continuing.

Our platform empowers investors to invest small amounts into sukuk that back local companies. For example, people can now support projects like RASF’s Deem townhouses or Qudra’s solar rollout. This democratization of capital fuels entrepreneurship, spreads wealth creation, and reinforces Saudi Arabia’s Financial Sector Development goals.

Saudi Arabia is rapidly positioning itself as a global hub for Islamic finance, driven by accelerating sukuk issuance. How do you see this sector expanding in the next 5 – 10 years, and what role will Tarmeez Capital have? 

We expect Saudi Arabia’s sukuk market to continue its rapid growth. Global sukuk issuances reached USD 199 billion in 2023 and show no sign of slowing. Tarmeez Capital will play a central role in this transformation by making Shariah-compliant financing faster, more accessible, and more transparent for corporates and investors alike. Our tech-driven scalability and proven track record, including the lowest default rate among comparable private debt platforms in Saudi, position us as a national leader and partner of choice as the sector matures.

More broadly, we see Islamic finance moving firmly into the mainstream. Younger investors are seeking ethical, impact-oriented investments that reflect their values while delivering competitive returns. Islamic finance, built on principles of justice, risk-sharing, transparency, and social responsibility, is perfectly aligned with this shift. Unlike conventional debt, it prohibits interest (Riba) and emphasizes asset-backed, productive investment, making it inherently transparent, value-driven, and sustainable.

Saudi Arabia is set to become a global hub for Islamic and sustainable finance, issuing billions in ESG-linked sukuk and leveraging its Vision 2030 ambitions for inclusive, long-term growth. Platforms like Tarmeez enable everyday citizens to invest ethically, help finance the development of their communities, and support a self-sustaining ecosystem that benefits everyone.

In a region where regulatory dynamics are evolving quickly, especially for technology, how do you assess and manage regulatory risk?

Compliance is incredibly important. Our independent Shariah committee and close partnership with the Capital Market Authority help ensure we always meet the highest standards. Beyond regulation, we also use data and advanced AI to monitor the health of every investment, so that we can detect potential risks early and manage them carefully. This thorough approach allows us to grow sustainably and responsibly.

Many startups struggle to scale beyond the early-growth phase. Are there any patterns you have observed that block Saudi startups from becoming regional or global players?

A recurring challenge is facilitating access to capital that matches the vast ambitions of our most exciting startups. Too often, high-potential companies are held back by the rigidity of traditional lending. However, fintechs such as Tarmeez Capital enable companies to grow with the speed and flexibility they need to succeed regionally and globally.

Looking ahead over the next 3 - 5 years, what role do you see Tarmeez Capital playing in shaping the MENA innovation ecosystem?

We see ourselves becoming a vital catalyst for Shariah-compliant investing and capital raising in the region, and expanding our platform’s reach through smarter infrastructure, new products, and better user experiences. Our ambition is to continue to support founders in securing funding quickly and ethically, unlocking new ventures and supporting economic growth. 

We aim to grow Tarmeez Capital’s investor community, creating a powerful and self-sustaining cycle of growth, opportunity, and shared success. 

Finally, what advice would you give to Saudi companies that are looking for alternative forms of financing? 

Our advice is simple. Explore forms of accessing finance outside of the conventional channels. Innovative, Shariah-compliant solutions like Tarmeez Capital offer speed, flexibility, and alignment with your values. Whether you are rolling out solar power across commercial properties like Qudra Energy or delivering affordable homes like RASF Real Estate, this is your moment to embrace a new path to financing that will help you grow and contribute to the future of the Kingdom. Choosing providers who understand the local market and comply fully with Islamic principles will ensure financing that is both responsible and sustainable, setting businesses on a path to long-term success.

Throughout the discussion, Tarmeez Capital emphasized its mission of making Shariah-compliant financing faster, more inclusive, and more impactful for both businesses and investors. By digitizing sukuk issuance, expanding access to ethical investment opportunities, and ensuring robust compliance, the company is reshaping the role of fintech in Saudi Arabia’s financial sector. As the Kingdom positions itself as a global hub for Islamic finance, Tarmeez Capital aims to serve as both a catalyst and partner—empowering companies to grow responsibly while giving investors the tools to align financial returns with ethical values.

Noha Gad

The rapid growth of e-commerce urged retailers to deliver faster, cheaper, and more reliable services to meet customers’ preferences for same-day or even two-hour deliveries. Traditional fulfillment models, relying on large regional warehouses, often struggle to meet urban delivery expectations due to long transit times and high last-mile costs, which can account for up to 53% of total shipping expenses.  

This shift has driven the adoption of localized fulfillment strategies, with Micro-fulfillment centers (MFCs) emerging as a scalable solution to bridge the gap between supply and demand in high-density markets.

MFCs integrate directly with e-commerce platforms, allowing real-time inventory synchronization and seamless order processing. They play a pivotal role in optimizing e-commerce operations by enabling proximity-based fulfillment. By storing high-turnover inventory in urban micro-hubs, retailers can drastically reduce delivery times, often to less than 24 hours, while improving order accuracy through automation.

These compact, automated centers, typically ranging from 3,000 to 10,000 square feet, revolutionize modern logistics as they bring inventory closer to urban consumers and enable faster deliveries and more efficient supply chains. MFCs were developed to meet rising consumer demand for same-day or next-day delivery, utilizing automation and real-time inventory systems to process orders with speed and precision, making them a cornerstone of agile e-commerce fulfillment.

How MFCs work

The primary objective of an MFC is to optimize last-mile delivery, the most expensive and time-sensitive segment of the supply chain, by reducing the distance between inventory and end customers. 

Micro-fulfillment centers integrate three essential components: advanced management software, automated physical infrastructure, and streamlined packing operations. The software layer processes incoming online orders in real time, synchronizing with e-commerce platforms and inventory systems to ensure accuracy and speed. Meanwhile, the physical infrastructure leverages robotics, automated storage and retrieval systems (AS/RS), and conveyor networks to retrieve items with minimal human intervention, significantly reducing labor costs and error rates. Once ready, items are transferred to packing stations where staff or automated systems prepare them for dispatch, often within hours of order placement.

These centers can operate as standalone facilities or be embedded within existing retail stores, enabling omnichannel fulfillment strategies such as ship-from-store, buy-online-pickup-in-store (BOPIS), and curbside pickup.

Types of micro-fulfillment centers 

There are three primary types of MFCs: standalone, store-integrated, and dark stores. Standalone MFCs are independent, compact logistics facilities typically ranging from 3,000 to 10,000 square feet. These centers focus exclusively on processing online orders for rapid last-mile delivery. They are often built in repurposed industrial spaces, basements, or standalone urban lots and can be deployed within months due to minimal construction requirements. They are effective for e-commerce businesses seeking to scale delivery speed without relying on existing retail footprints.

Store-integrated micro-fulfillment centers are embedded within active retail or grocery stores, typically in backrooms, basements, or underutilized floor space, allowing simultaneous in-store shopping and online order fulfillment. This type leverages the store’s proximity to customers to reduce shipping costs and accelerate delivery times, often enabling curbside pickup, BOPIS, and local delivery within hours. This model also improves inventory turnover by dynamically allocating stock between in-store sales and online fulfillment, reducing overstock and shrinkage.

Additionally, dark stores are retail locations that have been converted into fully automated, customer-inaccessible fulfillment centers dedicated exclusively to processing online orders. Unlike store-integrated MFCs, dark stores do not serve walk-in customers; they serve fulfillment staff or robots that pick items from shelves and pack them for home delivery or pickup. 

Dark stores are particularly prevalent in grocery and fast-moving consumer goods (FMCG) sectors, where demand for rapid delivery is high.

How MFCs boost the e-commerce industry

Retailers of all sizes leverage micro-fulfillment centers to stay competitive as they offer a wide range of benefits, including: 

-Faster delivery times.

-Improved customer satisfaction.

-Lower delivery and inventory costs.

-Space optimization.

-Omnichannel integration.

The future of MFCs is shaped by rapid urbanization and the growing need for hyper-local fulfilment solutions, fueled by advancements in robotics, AI-driven inventory management, and automation technologies. Thus, these centers are no longer a futuristic concept but a strategic necessity in the evolving landscape of e-commerce and urban logistics. 

MFCs offer a scalable, efficient solution to meet consumers’ demand for same-day and even same-hour delivery by bringing inventory closer to end customers through compact, automated hubs located in or near cities.

Finally, MFCs represent a transformative shift in how goods are stored, picked, and delivered. As technology advances and urban density increases, MFCs will become an operational imperative for businesses aiming to meet rising customer expectations for speed, convenience, and sustainability in the digital age.

Ghada Ismail

For years, the startup scene has been obsessed with unicorns; those rare, billion-dollar companies that symbolize hypergrowth, massive funding rounds, and meteoric success. But as markets mature and the realities of sustainable business sink in, many in the global startup ecosystem are beginning to ask: Do we really need more unicorns, or something entirely different?

Across the Middle East, and particularly in Saudi Arabia, the answer increasingly leans toward a new breed of companies: camels and zebras. These startups may not dazzle with billion-dollar valuations, but they embody traits that could prove far more valuable in the long run: resilience, sustainability, and social purpose.

From Unicorns to Camels and Zebras

The “unicorn” was once the ultimate prize: a company valued at over $1 billion, fueled by venture capital, and celebrated for its speed of growth. But this obsession often came at a cost. Many unicorns prioritized expansion over profitability, and when market conditions shifted, they found themselves struggling to stay afloat.

The global downturn in tech valuations and the funding scene exposed over time how fragile many of these high-growth models were. Meanwhile, startups that operated with leaner models, focused on cash flow, and adapted to uncertainty—the so-called camels—proved more resilient.

The term “camel startup,” first popularized in the Middle East and North Africa, captures a distinctly regional mindset. Just as camels survive harsh desert conditions, these startups are designed to withstand economic volatility. They grow steadily, conserve cash, and adapt intelligently to changing markets.

Zebras, on the other hand, represent a different kind of strength. Coined by a group of women entrepreneurs in Silicon Valley, “zebra startups” pursue profit and purpose simultaneously. They are black and white, symbolizing balance. In emerging economies like Saudi Arabia, this philosophy is resonating strongly, particularly among founders tackling social, environmental, or inclusion-driven challenges.

The Saudi Context: Vision 2030 and the Shift in Startup Mindset

Saudi Arabia’s startup ecosystem is evolving rapidly. Over the past few years, the Kingdom has transformed into one of the MENA region’s fastest-growing entrepreneurship hubs, with total venture funding reaching new highs annually. Yet as the market matures, there’s a visible shift in what founders, investors, and policymakers value.

Under Vision 2030, the Kingdom’s economic diversification plan, sustainability, innovation, and resilience are central pillars. This aligns closely with the camel and zebra mindset. Saudi startups are no longer just chasing valuations; instead, they’re building business models that can endure challenges, create jobs, and contribute to national priorities such as fintech innovation, food security, clean energy, and women’s empowerment.

Venture capital firms, too, are evolving. While early-stage funding remains strong, there’s greater scrutiny over unit economics, profitability, and long-term impact. Investors are asking tougher questions, not only about how fast startups can grow, but how well they can sustain that growth.

Camels in the Desert: Startups That Endure

In Saudi Arabia and the wider Gulf, the camel metaphor feels especially apt. Startups like Jahez, Tamara, and Foodics exemplify the camel mindset. Each grew deliberately, balancing rapid market capture with clear revenue models.

Jahez, for instance, built a profitable food-delivery platform long before its IPO, expanding carefully across the Kingdom instead of burning cash on regional domination. Tamara, one of Saudi’s leading buy-now-pay-later players, achieved remarkable growth but stayed focused on regulatory compliance and operational sustainability—traits that make it more of a camel than a traditional unicorn.

Similarly, Foodics navigated funding rounds and expansion by maintaining profitability as a core discipline. These companies may still reach unicorn valuations, but their success rests on fundamentals rather than hype.

This approach is especially relevant in Saudi Arabia’s macroeconomic environment. While government support and investor interest remain strong, startups that can survive without constant external funding are better positioned for long-term success.

The Rise of Zebras: Purpose Meets Profit

The zebra philosophy—building companies that are both profitable and purposeful—is also taking root in the Kingdom. A growing number of Saudi startups are tackling societal challenges, from financial inclusion to healthcare access, while maintaining sound business models.

Take Nana, which has expanded access to online grocery delivery not just in major cities but in smaller regions, improving supply chain efficiency and consumer convenience. Another example is Labayh. Founded in 2018, Labayh provides mental health and therapy services in Arabic, offering one-on-one therapy sessions, webinars, support groups, and self-assessment tools. It also acquired the UAE meditation app Nafas, adding over 300 audio clips for meditation and stress relief, to expand its wellbeing portfolio. 

These companies demonstrate that profitability and social impact can go hand in hand. They are building trust with customers, generating real economic value, and aligning with national goals such as improving the quality of life and fostering digital innovation.

Why the World Needs More Camels and Zebras

Globally, the call for more sustainable startup models is growing louder. As capital markets tighten, founders can no longer rely solely on fundraising cycles to survive. The camel and zebra frameworks encourage startups to focus on cash discipline, real impact, and steady growth; values that are not only good for business but for economies at large.

In emerging markets like Saudi Arabia, these models carry even more importance. Economies in transformation need startups that can withstand uncertainty, employ locals, and create solutions tailored to regional challenges. Unicorns might bring attention, but camels and zebras bring stability.

Moreover, these models align perfectly with Saudi Arabia’s evolving venture ecosystem. Initiatives by entities such as Monsha’at, SDAIA, RAED Ventures, and STV are increasingly supporting startups that solve real problems rather than chase inflated valuations.

The Investor Perspective: Quality Over Hype

Investors across MENA are beginning to recalibrate their expectations. The new question isn’t “Who will be the next unicorn?” but “Who will survive the next downturn?”

Funds like IMPACT46 and Wa’ed Ventures have emphasized the importance of sustainable scaling and solid governance. International investors entering Saudi Arabia are also adjusting their lenses, preferring startups with clear profitability paths, diversified customer bases, and mission-driven growth.

This shift in mindset could redefine how success is measured in the Saudi startup scene. Valuation alone is no longer enough; longevity, local relevance, and measurable impact are becoming the new metrics of excellence.

A Cultural Shift in Entrepreneurship

The rise of camels and zebras also reflects a deeper cultural transformation among Saudi entrepreneurs. A new generation of founders, many educated abroad but rooted locally, is questioning the “growth at all costs” narrative.

They are more aware of the risks associated with overfunding, more focused on building sustainable ecosystems, and more open to collaboration rather than competition. Many are exploring hybrid funding models—mixing venture capital with grants, government programs, and non-dilutive financing—to maintain control and flexibility.

This mindset aligns with broader societal changes under Vision 2030, which emphasizes entrepreneurship as a driver of economic and social progress, not merely personal wealth.

Toward a More Balanced Future

The world may always celebrate unicorns as they capture imagination and headlines. But in Saudi Arabia’s context, the future likely belongs to the camels and zebras: startups that combine endurance with empathy, profitability with purpose.

As global markets grow more volatile and sustainability becomes a non-negotiable standard, these models will define the next era of entrepreneurship in the Kingdom and beyond.

Saudi Arabia’s journey from an oil-driven economy to a diversified, innovation-powered one will depend not on a few billion-dollar valuations, but on thousands of resilient, responsible, and adaptive startups.

And that’s where the real magic lies, not in chasing mythical creatures, but in nurturing the ones that thrive in the real world.

Noha Gad 

Loyalty and reward programs in the Europe, the Middle East, and Africa (EMEA) region are evolving rapidly, triggered by shifting consumer expectations for hyper-personalized, seamless, and engaging experiences. As businesses seek to deepen customer relationships amid increasing digitalization and competitive markets, loyalty platforms go beyond simple points systems to deliver meaningful value that resonates with today’s diverse consumers.

Dsquares transforms the loyalty sector by offering an end-to-end B2B loyalty and rewards solutions that cover the entire program lifecycle. This comprehensive approach, combined with deep regional expertise, enables Dsquares to create truly personalized, impactful loyalty programs that drive business growth and customer retention.

In this regard, Sharikat Mubasher interviewed with CEO Marwan Kenawy to dive deep into Dsquares’ innovative approach and diverse offerings, and to discover key trends and challenges in the loyalty and rewards realm across the region. 

First, can you tell us more about Dsquares’ offerings and how it differentiates itself from other loyalty and rewards companies in the region?

Dsquares is an end-to-end B2B loyalty and rewards solutions provider established in 2012 and serving clients in over 16 countries. We are trusted by Fortune 500, multinationals, and global giants as we offer end-to-end tailored loyalty solutions to drive business growth.

By end-to-end, we mean that we do not just offer software; rather, we manage the entire lifecycle of a loyalty program, giving our clients the flexibility and peace of mind to focus on their business and leave the customer acquisition and retention to us. Our offerings include: 

• Strategic commercial planning: from strategy building and market analysis to program design and performance.
• Technology and solutions: our modular technology covering traditional loyalty mechanics, customer engagement solutions, short and long-term loyalty campaigns, rewarding solutions, and advanced data and analytics solutions. All running on Dsquares AI engine.
• Field operations: from on-ground execution and program setup and management to anomaly detection and quality control.
• Merchant management: with an extensive network of over 25,000 merchants and brands across the MENA region, we manage the end-to-end relationship for our clients, from onboarding to enablement, to legal, to payments.
• Customer success management: where we have dedicated account managers working with our clients to ensure program optimization, providing timely analysis on enhancements to ensure our clients get the best program.

What makes us different is our end-to-end capabilities. We provide a fully managed service and own deep regional expertise and presence, with a team of certified experts. This is crucial for designing effective programs leveraging our unmatched understanding of local markets, consumer behavior, and business cultures, in addition to our extensive and diverse merchant network, which is the biggest in the region. There is a saying that “a loyalty program is only as good as its redemption options”. Well, we make it simple, effective, and diverse, catering to every persona and making sure our clients’ customers get rewarded from the brands they love. 

How does Dsquares harness AI and data analytics capabilities to transform the loyalty and rewards industry?

At Dsquares, we leverage AI and data analytics as the core engine of our technology for all our solutions. We use it to transform loyalty programs from simple transactions to smart systems that foster and grow customer relationships by personalizing their experience and journey, proving ROI, all while ethically acquiring zero-party data. 

Some of the use cases where we stand out are:

• Prescriptive analytics: leveraging C-cubed, our campaign management system, we are able to analyze customers’ behavior and predict what they might do, while recommending the actions to take. For example, detecting that a high-value customer has a high percentage of churning, our solution flags this and prescribes the right actions to take, which could be an offer from their favorite brand, a trigger of a challenge, or a surprise experience. 
• Dynamic loyalty: where every message, reward, offer, or challenge is customized per individual, not per segment. Making it a truly hyper-personalized experience for all customers, directly addressing the modern consumer’s expectation to be recognized as an individual. An example here is the work we have done with ExxonMobil for their traders program. Leveraging Dynamic loyalty, we combined tiered rewards, KPI-based challenges, and gamification tied to purchasing specific products (SKUs), driving targeted growth and a 2x increase in monthly engagement. 

We are using AI to ethically acquire zero-party data. We do this by using analytics to design engagement strategies that customers willingly opt into, solving the data privacy challenge. 

An example here is a short-term loyalty campaign we ran for Pepsi in Saudi Arabia. They are the official sponsor for the Saudi League, and they wanted to push sales and gather data about their customer. Only, they had to earn the privilege to get this data. So, we built a gamification strategy to engage Saudi league fans and reward them instantly by completing personalized challenges upon buying Pepsi cans. Fans eagerly shared their data to make use of the surprises they were getting.

What are the key challenges businesses face when implementing loyalty programs, and how does Dsquares tackle them?

Based on our experience, businesses often encounter these four major challenges. Our entire business model is designed to overcome these challenges as an expert partner.

     -Complexity of End-to-end management
Many companies underestimate the effort required to run a loyalty program. It is not just an app or a points system; it involves strategy, technology, merchant acquisition, operations, and continuous optimization. 
As mentioned before, this is our core differentiator. We provide a fully managed, end-to-end model, allowing our clients to focus on their core business while we manage the entire loyalty journey on their behalf.

     -Creating real value and personalized experiences for customers
One of the most common challenges we have seen is programs that offer little to no value for their customers or those that are similar or redundant to their competitors. Customers are expecting brands they love to offer them programs that recognize them as individuals and give them hyper-personalized, relevant experiences.
Our engagement solutions, including AI-powered personalization and Dynamic loyalty, gamification, and experiential rewards, as well as our extensive merchant network and our smart campaign engine, help us build value for our customers. By understanding their preferences and behavior, we can predict their needs, offer personalized recommendations, incorporate engaging connections, and offer rewards based on their individual interests. This helps build emotional connections with the brand.

     -Data Silos and Proving ROI
To date, many businesses see loyalty as a “nice to have”. However, when implemented correctly, loyalty solutions can play a significant role in every business strategy. Businesses also have their customer data locked in separate systems. Without a unified view, it is impossible to truly understand the customer or prove the financial impact of the loyalty program. 
With our Dsquares AI engine at the core of all our solutions, we built an analysis platform that builds a 360-degree view of the client, integrating data from every touchpoint, from acquisition, retention, engagement, and supports the integration with key data sources. This breaks down the silos, which is not only essential for effective personalization but also helps create value for brands.
In addition, we have the live reporting tools to estimate, measure, and report on the program's financial performance. This directly links loyalty activities to business outcomes like increased customer lifetime value (CLV), reduced acquisition costs, and protected revenue, satisfying CFOs and proving clear ROI.

     -Acquiring zero-party data and building trust
The increase in data privacy regulations, the rise of Web 3.0, and the different law requirements per country are all challenges facing any business, and without data, it is hard to grow a business. Brands need their customers to willingly share their data and preferences in order to grow. And this is where Dsquares can help through value exchange and loyalty. As mentioned before, building the right strategy that delivers unique value to customers makes them want to share their data. We help clients design programs and campaigns that offer personalization and valuable experiences that customers are incentivized to share their data, making loyalty programs a strategic asset for building direct, trusted customer relationships.

What are the biggest opportunities and key trends that could reshape the loyalty and rewards market in Saudi Arabia and the wider GCC region?

The loyalty landscape in the region is being fundamentally reshaped by a shift in buyer behavior, placing customer-centricity at the core of all key trends. 

     -The rise of zero-party data as a strategic asset
Brands need reliable, consented customer data to make informed decisions and personalize their customers’ experiences. The new data privacy rules are making it a challenge. 
Opportunity: positioning loyalty programs as the primary value-exchange mechanism for acquiring zero-party data. Customers will be more willing to share their preferences, interests, and behaviors in exchange for a more personalized and rewarding brand experience.

     -Hyper-personalized experiences 
This is about delivering a unique, relevant experience to every single customer in real time. 
Opportunity: Loyalty engagement solutions can act as the central hub, unifying touchpoints, treating customers as individuals, not segments, providing seamless omnichannel experiences, and recommending the actions to take next. This ensures a consistent loyalty experience whether a customer shops online, in-store, or through an app. This 360-degree customer view is invaluable for brands.

     -Rise of partnerships and coalition loyalty
This is a key trend, and we have seen brands creating ecosystems of value through strategic partnerships. These partnerships can add value for both the brand and the customer, and this is a trend that will continue to grow over the coming years. In the GCC, the market has been shifting to a mindset where businesses collaborate in loyalty to compete more effectively in a crowded market.
Opportunity: Partnerships help address modern consumers who have diverse loyalties and do not want to be locked into one brand silo. They also increase the value of the program and combat the digital clutter, which is a rising challenge for marketers globally. It also opens more value for zero-party data, enabling all partners to build richer, more holistic views of their shared customers.

     -Shift from transactional to experiential loyalty
GCC consumers are increasingly looking for value beyond discounts. They are looking for brands that understand their lifestyle and create memorable experiences, whether by unique recognition, status, exclusive access to events, or even meeting their favorite celebrity. 
Opportunity: offering experiential and emotional loyalty, through tiered programs with VIP status offering exclusive benefits, gamification to create engaging challenges and rewards, unique experiences like meet and greets, event tickets, limited edition products, or private shopping.

     -Alignment with national economic visions
Most of the GCC countries have their national agendas, such as the Saudi Vision 2030, with the focus on diversifying the economy, increasing digital transformation, and boosting tourism.
Opportunity: loyalty programs are actually the perfect tool to support these goals by:

1. Driving financial inclusion by incentivizing digital payments. An example is a project we had with Egypt Post, where citizens were rewarded for digitizing their payment experience. The more you spend digitally, the less you withdraw, the more you get rewarded. This helped in banking adoption, specifically in the rural areas.
2. Boosting tourism and entertainment through creating destination-based loyalty solutions and campaigns that reward tourists for spending across hotels, excursions, and retail, and drive people to visit the country through value-based campaigns.

How does Dsquares plan to scale its technology infrastructure to support future growth?

When it comes to scaling our technology, we are building on our Modular, Intelligent, Automated, API-First architecture, driven by our AI-powered engine. 

Our modular approach helps us to scale by easily adding features, services, or entire modules without disrupting the entire system. This enables us to quickly adapt to markets and new market demands.

Our API-driven approach makes it easy to integrate with a vast array of partner systems, scaling our solutions to fit every client’s needs. We give the flexibility to our clients to have their technology hosted online, on premises, or as a hybrid model. 

We are deeply investing in AI and automation. This helps us manage complexity intelligently. Also, we automate our core functions from automated personalization, anomaly and fraud detection, and operational efficiency, which thereby allow us to protect the ecosystem as it grows, leverage AI to prescribe the right triggers making campaigns efficient at scale, and reduce operational overhead.

Dsquares relies on building a robust data infrastructure that integrates data from countless sources and becomes more valuable with scale, in addition to providing deeper insights while helping to train our AI models, ultimately making their predictive and prescriptive analytics even more accurate. 

We are investing in next-generation tools such as advanced gamification and real-time campaign management to ensure the platform can support the future of engagement, which we see will be more immersive and data-driven.

Additionally, we plan to maintain quality, performance, and security, and obtain the required enterprise-grade certifications.

How do loyalty and rewards contribute to enhancing the digital economy in countries where Dsquares operates?

First, they contribute to driving financial inclusion and digital payment adoption. In many of Dsquares' markets, a significant portion of the population is unbanked or underbanked. Loyalty programs act as a powerful incentive to bring these users into the formal digital economy. For instance, programs linked to financial and banking services, like Egypt Post, reward citizens for any digital transaction they perform with rewards from merchants that link to their lifestyle. Similarly, programs linked to telecom services, like Vodafone, enable users to earn points for using a mobile wallet, paying a bill online, or sending money digitally, making these behaviors habitual. As a result, loyalty and reward programs contribute to reducing reliance on cash, moving them to use digital wallets, credit cards, and applications, in addition to increasing the volume of formal digital transactions. They also help central banks and governments achieve their financial inclusion targets. 

Second, these programs play a pivotal role in supporting and digitizing Small and Medium Enterprises (SMEs) through strategic partnerships. Acquiring customers and competing with larger brands are key challenges for SMEs. So, being part of a large loyalty merchant network or a coalition loyalty program managed by a company like Dsquares gives them instant access to a vast customer base. For example, local restaurants or boutiques can become a redemption partner in major loyalty programs of banks and other industries. This can help in driving foot traffic and sales from high-value customers they would not normally reach, and encourage cooperation rather than competition between local and large brands. 

Third, loyalty and reward programs help SMEs digitize their operations by using points as a currency, enabling them to grow in alignment with the economic diversification goals in many countries. Such programs can also increase flexibility for consumers and foster engagement across different sectors, where SMEs are collaborating with major brands, banks, telcos, oil and gas companies, and more. 

Finally, coalition loyalty programs can heavily promote tourism in GCC countries by attracting and rewarding tourists. Tourists can earn a unified loyalty currency for spending on flights, hotels, attractions, and retail within the country. This will eventually encourage longer stays and higher spending, and boost the digital tourism economy by creating a seamless, rewarding digital experience for visitors.

Ghada Ismail

Every founder faces a defining question early on: how to fund growth without losing control. Should you give investors a stake, or rely on grants and incentives to stay independent? In Saudi Arabia’s fast-growing startup scene, understanding the difference between non-dilutive funding and equity financing can shape your company’s future from day one.

What Is Non-Dilutive Funding?

Non-dilutive funding refers to capital that doesn’t require you to give up any shares or ownership in your company. Instead, you receive financial support, grants, or incentives that help your business grow while you retain full control.

In Saudi Arabia, this form of support has expanded rapidly under Vision 2030, with programs designed to empower entrepreneurs and stimulate innovation.

Examples include:

• Monsha’at programs, such as financing initiatives and startup competitions.
• The Human Resources Development Fund (Hadaf), which offers wage support and training grants.
• The Saudi Venture Capital Company (SVC)’s indirect funding initiatives through funds and accelerators.
• Government grants and R&D programs in partnership with KAUST, KACST, or the Ministry of Communications and Information Technology.
• Loans and guarantees offered by Kafalah and Saudi EXIM Bank for export-oriented startups.

Pros of Non-Dilutive Funding

• You stay in control: No need to give up shares or decision-making power.
• Ideal for early stages: Helps test and validate ideas before raising equity.
• Government-backed stability: Programs often align with national priorities, providing reliable support.
• Encourages innovation: Especially useful in sectors like HealthTech, AgriTech, and renewable energy.

Cons of Non-Dilutive Funding

• Highly competitive: Programs have limited slots and strict eligibility criteria.
• Lengthy approval cycles: Applying and securing funds can take time.
• Restricted spending: Funds may need to be used for specific projects or milestones.
• No investor mentorship: You miss the strategic support that comes with equity investors.

What Is Equity Financing?

Equity financing means selling a portion of your company’s ownership in exchange for capital. In Saudi Arabia, this is becoming more common as venture capital activity grows and global investors turn their eyes toward the Kingdom.

Examples include:

• Angel investors and family offices
• Venture capital firms like RAED Ventures, Impact46, and Wa’ed Ventures
• Corporate investors such as STC Ventures and Aramco Ventures
• Government-backed funds through SVC, and Jada Fund of Funds’ partnerships

Pros of Equity Financing

• Large growth capital: Fuels rapid scaling, hiring, and market expansion.
• Mentorship and connections: Investors often open doors to networks, talent, and markets.
• Shared risk: You’re not repaying loans if the business struggles.
• Market validation: Attracting investors signals credibility to customers and partners.

Cons of Equity Financing

• Ownership dilution: You give up part of your company.
• Reduced control: Investors may request board seats or decision rights.
• Exit expectations: Most investors look for returns within a few years.
• Possible vision misalignment: Strategic differences can arise between founders and investors.

Which One Should You Choose?

There’s no one-size-fits-all answer; it depends on your startup stage, goals, and risk appetite.

• If you’re developing a prototype, conducting research, or still validating your market, non-dilutive funding helps you stay independent while building traction.
• If you’re ready to scale, expand internationally, or grow fast, equity financing offers not just money, but expertise and networks.

Many Saudi startups, from biotech innovators to logistics platforms, combine both approaches using grants and government programs early on, then raising venture capital once they’re ready to expand.

Wrapping Things Up…

Choosing between non-dilutive funding and equity financing isn’t about which is better; it’s about what your startup needs right now. Non-dilutive funding helps you grow without giving up ownership, while equity financing brings in not just money but mentorship and networks. The smartest founders in Saudi Arabia often blend both, using grants or accelerator funds early on, then turning to investors once their model proves itself. 

Noha Gad

Influencers have commanded social media in recent years, setting trends and guiding their followers’ shopping habits with the content they post, ultimately supporting an industry worth over $35 billion as of 2025, as stated in a recent report by Influencer Marketing Hub.

The influencer marketing ecosystem stands at an inflection point, triggered by groundbreaking technological advancements, changing consumer behaviors, and increasing demands for accountability. This shift underscored the critical need for brands to diversify their strategies and highlighted the emergence of AI influencers to fulfill brands’ need for more control, scalability, and flexibility in digital marketing.  

Human influencers are subject to unpredictabilities such as changing personal circumstances, reputational risks, or limited working hours. In contrast, AI influencers are always available, never age, and can instantly adapt their messaging to suit a brand’s image or campaign needs, facilitating seamless communication in different languages and allowing companies to ensure consistent representation.

What are AI influencers?

AI influencers, also known as virtual influencers, are computer-generated characters that promote products on social media. Often created with computer-generated imagery (CGI), motion capture, and generative artificial intelligence, and other forms of AI, these digital characters are designed to behave the way a human influencer would online, offering brands a unique way to connect with consumers.

With millions of followers engaging with their content and purchasing the products they promote, these innovative tools help brands to better connect with audiences in an increasingly saturated social media space.

AI influencers come in all shapes and sizes, ranging from cartoonish 3D characters to photorealistic images. They look and behave the way real people do online, but their appearance, personalities, and content have been carefully designed to appeal to a specific audience, particularly Gen Z and Gen Alpha.

The rise of AI influencers has already begun to reshape digital marketing on a global scale across various sectors, notably fashion and technology, demonstrating the value and versatility of virtual personalities in modern campaigns. AI influencers offer creative opportunities in futuristic settings and storytelling that human influencers cannot replicate; however, their adoption also presents new ethical questions about transparency, authenticity, and the impact on human content creators.

How AI influencers transform digital marketing

Brands utilize AI influencers for inclusive, creative storytelling and hybrid campaigns alongside human content creators, leveraging AI influencers’ capability to amplify core brand values such as innovation, inclusivity, and self-expression, while maintaining a distinct futuristic appeal.

Giveaways, contests, and experiential marketing formats are popular for boosting engagement and community interaction. In typical giveaways, AI influencers invite followers to participate for a chance to win exclusive products or experiences, driving viral reach and growing brand followings rapidly. In product reviews and unboxing campaigns, AI influencers seamlessly script unboxing experiences with highly visual, on-message presentations, providing consistency in tone and detail that human influencers may find difficult to match at scale. 

Characterized by ultra-personalization and scalability, AI influencers can dynamically address audiences in different languages, adapt campaign content based on sentiment analysis, and offer instant replies to DMs or comments, fostering a sense of one-on-one interaction. This adaptability and automation position AI influencers at the forefront of next-generation marketing, making them the perfect choice for large-scale awareness campaigns, niche-targeted promotions, and cross-platform storytelling efforts.

Human influencers and AI

Most of the marketing strategies nowadays combine virtual and human creators to maximize reach, authenticity, and engagement. Instead of replacing human influencers, AI-powered personas are being used to complement them, creating hybrid campaigns that leverage the strengths of both. 

This innovative tool analyzes vast datasets, including engagement rates, audience demographics, and content performance, to identify the most suitable human influencers for a brand, ensuring alignment with campaign goals and target audiences. It reduces the risk of mismatched collaborations and improves overall campaign effectiveness.

Additionally, AI-based platforms streamline communication by generating personalized messages to influencers based on their content style and audience profile. They also assist in brainstorming campaign ideas, optimizing posting schedules, and even drafting captions.

In hybrid campaigns, AI and human influencers collaborate on shared content, such as joint social media posts, live streams, or storytelling series, humanizing the AI influencer while amplifying the human creator’s reach through exposure to new, tech-savvy audiences.

Successful campaigns balance between AI efficiency and Human creativity, excelling AI at scalability, personalization, and performance prediction. Nevertheless, human judgment remains essential in evaluating brand fit, cultural relevance, and narrative authenticity. 

Future outlook

As generative AI advances, AI influencers are expected to be more dynamic, capable of live-streaming, responding to audience sentiment, and adapting messaging based on real-time engagement analytics. These advanced tools will offer creative control, eliminating concerns about scandals or scheduling conflicts, while enabling 24/7 interaction through AI chatbots and real-time content generation.

Also, hyper-personalization will define the next generation of influencer marketing, with AI tailoring content based on real-time signals such as browsing behavior, geolocation, and device type. 

Finally, the integration of AI into influencer marketing represents a significant change in how brands connect with audiences, leveraging AI-powered influencers to offer unmatched scalability and enhance effectiveness. Brands that embrace hybrid strategies, combining the authenticity of human creators with the precision and efficiency of AI, will be well-positioned to deliver personalized, engaging, and ethically sound campaigns.

Kholoud Hussein

As the HR-tech landscape in the Middle East undergoes rapid transformation, new players are emerging to challenge outdated legacy systems and deliver solutions that match the region’s pace of growth. Among these innovators is Cercli, a platform founded by ex-Careem executives Akeed Azmi and David Reche, and backed by Y Combinator and Afore Capital. In an exclusive interview with Sharikat Mubasher, the founders shared how Cercli is tackling inefficiencies in payroll and workforce management and positioning itself at the forefront of the shift toward agile, AI-driven HR solutions.

Since its September 2024 fundraise, Cercli has recorded impressive growth with revenues climbing 22% month-on-month and payroll distributions expanding 14-fold across 48 countries and 17 currencies. “We set out to build a platform that delivers speed and compliance without the complexity of legacy ERP systems, and the response has exceeded our expectations,” the founders noted. They credit this momentum to a relentless customer-first approach, a globally experienced team drawn from leading technology firms, and an uncompromising pace of execution. 

Artificial intelligence plays a critical role in their product roadmap, powering tools like automated expense reimbursement and onboarding agents that cut implementation times from months to just 48 hours. With Saudi Arabia fast emerging as one of the most dynamic HR-tech markets, Cercli is closely studying the Kingdom’s labor frameworks, aiming to establish a stronger local presence to meet growing demand.

From Careem to Cercli: You both bring strong experience from Careem. How has that shaped Cercli’s vision and its approach to disrupting the HR-tech space in MENA?

Working at the region’s first unicorn shaped the way we think and built our entrepreneurial traits. At Careem we saw first-hand how painful payroll and HR operations were, especially for enterprises with thousands of employees. Payroll was painfully slow, HR tools were scattered, and nothing worked seamlessly.

We looked everywhere for a solution and couldn’t find one to solve these challenges. This is why we started Cercli: to eliminate the wasted hours and days spent on manual payroll and remove the need to juggle four or five disconnected tools. We knew there had to be a better way forward.

Since your fundraise in September 2024, Cercli has seen revenues soar 22% month-on-month and payroll distributions expand 14x across 48 countries. What have been the key drivers of this growth, and how do you plan to sustain this momentum?

The biggest driver has always been working and building alongside our customers first. 

Second, our hiring has been very deliberate. Our team includes incredible talent from companies like Careem, Kitopi, Stripe, Google, and Cloudflare. This talent could be anywhere in the world, but they chose to build Cercli.

And finally, sheer determination and speed. We build fast, we ship fast, and we keep moving with urgency. As any entrepreneur will be familiar - there have been plenty of sleepless nights too - but our shared purpose keeps us grounded and focused no matter how quickly we scale.

You emphasize the role of AI in transforming HR operations. Can you share specific ways Cercli is leveraging AI to replace outdated ERP systems and deliver measurable financial or operational savings for clients?

We see AI as an enabler in solving our customers' existing problems while also solving new ones that weren't previously possible. Adding AI for the sake of adding AI is not our stand in embracing new technology. AI is evolving and so is how we will utilize it. Internally, we already use AI to increase not just operational and engineering efficiency, but the real impact is in how it transforms the customer experience.

On the product side, many features are powered by AI. Take expense reimbursement: employees just upload a receipt in any format or language, and the system instantly extracts the details - amounts, dates, categories - reducing errors and saving finance teams a huge amount of time. Another is our job description creator, which - in mere seconds - helps hiring managers generate role descriptions during onboarding. We also have completely new AI products in development, which we will announce when ready.

Even the process of migrating and onboarding customers from legacy systems - which typically takes months - can now be done by Cercli in as little as 48 hours with the help of our onboarding AI agent. It reduces errors, ensures accuracy, and gets customers up and running much faster.

Across the platform the goal is the same for customers: reduce human error, stay fully compliant with a modern, human touch of running your entire workforce as opposed to outdated ERP systems in grey clunky user interfaces.

With Saudi Arabia emerging as one of the fastest-growing HR-tech markets, how critical is the Kingdom to your expansion strategy, and what are your immediate plans for operations there?

Saudi Arabia is one of the largest and fastest-growing markets in the region — if not globally. Ignoring it would be a mistake. We’re looking very closely at the Kingdom, its regulations, labor laws, and unique processes.

Many of our existing customers in the UAE and elsewhere already have employees in Saudi, and we help them manage payroll there. The next step is building a deeper, more strategic and local presence to support that demand and scale with the market.

You’ve hinted at imminent entry into another major GCC economy. Without revealing sensitive details, what factors guide your decision on new markets — regulatory environment, talent needs, or client demand?

Our analysis of new markets is deep and diverse. We assess levels of digitization; countries moving fast in modernizing their labor and compliance frameworks are natural fits for us. Another important factor is market maturity, meaning the number of rising companies scaling quickly and requiring tools like Cercli to grow without being held back by outdated systems.

We also consider demand from our existing customer base. Many of our clients already operate across multiple GCC countries, so we follow their needs closely to decide where expansion needs prioritizing.

Cercli now processes payroll in 17 currencies across 48 countries. How do you navigate the regulatory complexities of managing cross-border workforces, and what opportunities does this create for regional companies aiming to go global?

Talent is global, and we’re enabling regional companies to think global from day one. We’ve built our platform from the ground up with the regulatory complexity of the MENA region in mind.

Each country and/or zone, has its own rules around payroll, pensions, expat or national social security contributions, statutory body reporting, and even cultural nuances like Ramadan hours, weekends or Eid holidays affecting pay and labor laws.

By solving this fragmentation at the local level, we have created a payroll compliance ‘engine’ that scales.

The HR-tech space in MENA is getting crowded, with both local startups and global players eyeing the market. What differentiates Cercli from others, and how do you plan to defend your leadership position?

You are correct, the market is crowded. We knew that when we started Cercli, but the reality was despite various available options, no one was actually solving the real problem. Customers told us their many frustrations and we just listened. Global players had great functionality, but poor localization for regional compliance and know-how. Local players were decent on some aspects of compliance, but can't match feature depth or lacked a fully-fledged regional offering even after years of being around. Customer NPS for existing solutions were consistently low and incumbents were just too slow to respond.

Cercli is different because we eliminate that complexity. We have one platform for everything, fully localized for the MENA region, and built in close collaboration with our customers. We talk to them across multiple channels, we listen, and we build fast. That closeness and localization sets us apart and keeps us ahead.

Looking ahead, where do you see Cercli in the next three years — both in terms of product innovation and geographic footprint — and how do you see the broader HR-tech industry evolving in the GCC?

At the pace we’re building, our vision for the next three to five years is to completely replace these clunky legacy ERP systems and make running your workforce as intuitive as making a booking on AirBnb. We want to become the platform that every MENA-based company chooses to run their global workforce. More broadly, we see HR tech in the GCC evolving rapidly.

Companies are digitizing faster, governments are modernizing regulations for the new age, and expectations for simple, global-standard tools that justwork - are only going to grow. 

We’re building Cercli to stay ahead of that shift.

Finally, Cercli’s ambition is to fully replace legacy ERP systems and become the platform of choice for companies in MENA seeking to manage global workforces with agility and compliance. As governments modernize and enterprises expand internationally, the demand for intuitive, AI-powered HR tools is only set to rise. For Cercli, the future lies in building technology that not only keeps pace with this transformation but shapes it—bringing simplicity, speed, and scalability to the heart of workforce management.

Noha Gad 

Saudi Arabia’s startup ecosystem is witnessing dynamic growth, moving beyond its traditional focus on oil, energy, and large-scale infrastructure. With a youthful population eager to innovate and a government that supports business startups, the Kingdom has become a fertile environment for emerging businesses in specialized sectors that address local, regional, and global challenges. This expansion reflects a broader shift toward using technology and innovation to build new industries and create jobs.

The focus on specialized innovations is closely connected to the ambitious Saudi Vision 2030, which focuses on sustainability, economic diversification, and building a knowledge-based economy. This national blueprint aims to reduce reliance on oil revenues and prepare for future economic changes by nurturing startups that develop groundbreaking solutions in areas such as agriculture and desert farming, waste management, and urban infrastructure. These niche innovations will contribute directly to the Kingdom’s sustainability goals, promoting resource efficiency, environmental protection, and enhanced urban living conditions. 

In this feature, we will explore three vibrant and strategically important sectors where Saudi startups are gaining traction: desert farming, waste management, and urban mobility.

Desert Farming 

Agriculture in Saudi Arabia faces multiple challenges due to the Kingdom’s arid desert climate characterized by limited water resources, high temperatures, and sandy, nutrient-poor soils. These difficult conditions make food production dependent on imports a persistent issue, driving an urgent need for innovative agricultural technologies that can sustainably increase local food production while conserving scarce water resources. 

Several Saudi companies and startups are pioneering solutions in desert farming using advanced technologies, such as hydroponics, aeroponics, AI-powered irrigation, and soil enhancement, to optimize water usage, improve crop yields, and enable farming in harsh desert environments. 

   Key Players

        *Saudi Desert Control. As a leader in sustainable land transformation, the company uses the Liquid Natural Clay (LNC) technology to transform arid land into fertile soil within just seven hours by combining natural minerals and clays with water. This innovation contributes to improving water retention, boosting plant health and crop yields, and reducing operational costs by 30% for new farmland establishments.

        *Iyri (formerly RedSea). This sustainable AgriClimate Tech company targets advancing commercial farming for low to mid-tech farmers in hot climates. Its patented, proprietary technologies reduce water and energy consumption by up to 90%. Iyris’ award-winning technology, SecondSky, is deployed in multiple greenhouse coverings and shade nets to minimize the stress and impact of near-infrared heat radiation on plants while allowing the spectrum of light that plants need for photosynthesis. This revolutionary innovation helps deliver more resilient, productive, and profitable crops in regions where climate change and excessive heat limit sustainable, productive growth. Additionally, iryis has developed plant genetics via a novel hybridization process that has the potential to breed resiliency to salinity, heat, and drought across a broad range of crops, ensuring stress-resistant, dependable food production.

       *Arable. This startup specializes in custom hydroponic systems tailored for Saudi Arabia’s desert climate. It uses advanced hydroponic technology to cultivate premium vegetables and herbs that are fresher, tastier, and longer-lasting than imported alternatives, using less water and reducing environmental impact.

       *Saudi Arabian Hydroponic Company (Zarei). Based in Al-Khobar, Zarei specializes in modern techniques of cultivation without soil (hydroponics) and the establishment of agricultural greenhouses using sophisticated modern techniques. Hydroponics relies on water in a closed cycle, saving more than 90% of water consumption compared to traditional agriculture methods.

       *GreenMast. This Riyadh-based agri-business company aims to revolutionize the farming model in the GCC region, leveraging fully-controlled high-tech hydroponics greenhouses. It offers various services to transform the farming sector, including greenhouse management and consultancy.

Waste Management

Saudi Arabia’s Vision 2030 focuses on transforming the Kingdom’s environmental practices, accelerating the circular economy, and setting global benchmarks in recycling and resource recovery. With aspirations to divert 85% of industrial waste from landfills by 2035, this national blueprint targets increasing municipal waste recycling rates through advanced technologies and integrated systems. The Kingdom’s sustainability goals also include accelerating the adoption of waste-to-energy solutions to reduce reliance on landfills and investing in infrastructure, partnerships, and innovations to support the circular economy.

A recent report released by the Mordor Intelligence stated that the waste management market in Saudi Arabia is expected to jump to $37.7 billion by 2030 from $25.8 billion in 2025, with a robust compound annual growth rate (CAGR) of 7.85%. the report also anticipated construction mega-projects, mandatory source segregation beginning in 2025, and carbon-credit eligibility for waste-to-energy facilities to increase the revenue base across collection, recycling, and recovery services after 2027.

Several Saudi companies and startups are driving innovation in the waste recycling sector to meet the Kingdom’s need for advanced and sustainable waste management solutions.

  Key Players

• Edama. As the organic waste recycling KAUST startup, Edama develops innovative organic waste recycling facilities to optimize the recovery and transformation of organic waste into innovative agricultural products.
• The Saudi Investment Recycling Company (SIRC). SIRC was launched by the Public Investment Fund (PIF) to develop, own, operate, and finance various activities across all waste types to establish recycling capacities in the Kingdom and build a circular economy for a sustainable future. It targets meeting the objectives of Vision 2030 and the revised Waste Management National Regulatory Framework through its subsidiary network, which includes:

              *Municipal Solid Waste Recycling Company (Yadoum), which focuses on developing progressive and sustainable solutions in the realm of municipal solid waste.

              *Akam Recycling Company for Environmental Services (Akam), a leading provider of environmental services and waste treatment activities. It plans to invest over SAR 160 million as part of its commitment to creating a sustainable future for the Kingdom.

              *Metal Recycling Company for Environmental Services (ELECTA), which focuses on managing the waste of electrical and electronic equipment, as well as metal scraps. 

              *Oil Management Company (Azyat), a pioneering provider of sustainable lubricant waste management solutions.

              *Medical Waste Treatment Company (Wazeen), a trailblazer in redefining how hazardous medical waste is managed and treated.

              *Global Environmental Management Services (REVIVA), a dedicated execution arm in the realm of industrial hazardous waste treatments.

Additionally, the public-private partnerships (PPPs) unlocked substantial investment toward collection, sorting, and waste-to-energy plants, ensuring scalable and bankable operations aligned with regulatory frameworks. Environmentally, these startups and initiatives significantly contribute to minimizing landfill dependency, greenhouse gas emissions, and pollution.

Urban Mobility Innovations

Saudi Arabia is taking confident steps towards redefining its urban mobility landscape by embracing sustainable practices that align with the Vision 2030 framework, aiming to reduce its carbon footprint, enhance the quality of urban life, and create a more sustainable future for its growing population.

A cornerstone initiative in the Kingdom’s sustainability mobility agenda is the development of electric vehicle (EV) infrastructure through building numerous EV charging stations across major cities to support the adoption of electric cars.

Saudi Arabia invested heavily in projects like the Riyadh Metro and Jeddah Metro to elevate public transportation networks. These projects are expected to reduce air pollution in urban areas.

To further advance sustainable mobility practices, Saudi Arabia adopted smart traffic management systems that utilize AI and big data analytics to optimize traffic flow, reduce congestion, and lower emissions. It also deployed autonomous vehicles to enhance mobility while minimizing environmental impact. These self-driving cars can operate more efficiently than human-driven cars, leading to reduced fuel consumption and lower emissions.

Moreover, the Kingdom integrated solar-powered buses and hybrid vehicles into the public transport fleet not only to decrease the carbon footprint but also to provide a sustainable and cost-effective alternative to traditional fuels.

Finally, niche startups in Saudi Arabia are strategically vital for the Kingdom’s sustainable development and economic transformation. By pioneering innovative solutions in desert farming, waste management, and urban mobility, these startups directly address environmental challenges while supporting diversified economic growth in line with Vision 2030. As government support, venture capital, and regulatory reforms strengthen, the outlook for continued innovation in these sectors is highly promising, reinforcing Saudi Arabia’s position as a regional leader in sustainable entrepreneurship.